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Press release from Business Wire

KB Home Makes Major Land Purchase in San Antonio from Fieldstone Homes

<p class='bwalignc'> <b>Transaction yields opportunities for KB Home in 11 new communities</b> </p>

Wednesday, June 29, 2011

KB Home Makes Major Land Purchase in San Antonio from Fieldstone Homes12:30 EDT Wednesday, June 29, 2011 SAN ANTONIO (Business Wire) -- KB Home (NYSE: KBH), one of America's premier homebuilders, has entered into an agreement with Fieldstone Homes in which KB Home will purchase 623 finished home sites and 1,297 future home sites from Fieldstone in 11 San Antonio-area communities. Fieldstone Homes, a private homebuilder based in Southern California, announced that it was leaving the San Antonio market earlier this year. Terms of the land purchase agreement were not disclosed. “KB Home has been delivering quality, choice and value to San Antonio homebuyers for over 20 years,” said Ken Langston, president of KB Home's Central Texas division. “Consumers have responded well to our new home designs that set us apart in the market and this major land acquisition presents us with an exciting opportunity to offer our affordably priced, ENERGY STAR® qualified homes to even more San Antonio families.” KB Home will begin construction immediately on new model homes in eight communities with grand openings to be scheduled later this year. These communities include: Cap Rock, Carmona Hills, Chestnut Springs, Gatewood, Loma Vista, Mustang Valley, Northeast Crossing and Southton Ranch. The three additional communities in which KB Home acquired land that it will develop in the future include Amber Creek, Ida Creek and Falcon Landing. KB Home will feature its signature home designs from The Open Series™ in a broad range of one- and two-story floor plans with stucco, stone and brick exterior choices. As in all new KB Home communities nationwide, all homes built will be ENERGY STAR qualified. To better illustrate the advantages of such a home, KB Home now includes its Energy Performance Guide™, or EPG, in all of its new homes. Similar to an MPG sticker on cars, the KB Home EPG provides KB homebuyers with estimated monthly electric and gas costs for their new KB home as designed, as well as valuable information on the home's relative energy efficiency when compared to a typical new home or resale home. KB Home homebuyers can look forward to personalizing their new homes at the KB Home Studio, a retail-like design center where buyers choose the features to complete their new homes. Each home is Built to Order™, with a wide variety of options to choose from—flooring, appliances, countertops, cabinets, lighting, window coverings, crown molding, and other fine details like paint colors, door designs, fixtures, hardware and more. KB Home's land purchase agreement with Fieldstone Homes does not involve any of the ongoing business operations or customers of Fieldstone Homes. Fieldstone Homes will continue to be responsible for customer service and warranty support for its existing homeowners. For more information on KB Home and of its new home communities in San Antonio, visit kbhome.com or call 888-KB-HOMES. About KB Home KB Home (NYSE: KBH), one of the nation's premier homebuilders, has delivered over half a million quality homes for families since its founding in 1957. The Los Angeles-based company is distinguished by its Built to Order™ homebuilding approach that puts a custom home experience within reach of its customers at an affordable price. KB Home has been named the #1 Green Homebuilder in a study by Calvert Investments and the #1 Homebuilder on FORTUNE magazine's 2011 World's Most Admired Companies list. The Company trades under the ticker symbol "KBH" and was the first homebuilder listed on the New York Stock Exchange. For more information about any of KB Home's new home communities, call 888-KB-HOMES or visit www.kbhome.com. KB HomeCathy Teague, 210-415-6670cteague@kbhome.com